Wienerberger AG · VIE:WIE
Wienerberger — Q1-3 2015 Earnings Presentation
30 slides from Wienerberger's earnings presentation, 2015
Slide 1: Investor and Analyst Presentation Results Q1-3 2015
Investor and Analyst Presentation Results Q1-3 2015
Slide 2: Disclaimer
Disclaimer Cautionary note regarding forward-looking statements The information contained in this document has not been independently verified and no representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctn
Slide 3: Highlights Q1-3 2015
Highlights Q1-3 2015 ► Clear revenue and earnings increase Revenues: € 2,283.3 mn (+6%) Operating EBITDA: € 293.4 mn (+18%) ► Revenue development: Improvement of average prices Positive consolidation and foreign exchange effects Slight organic volume decline ► Gross cash flow increases by
Slide 4: Highlights Q1-3 2015 by segment
Highlights Q1-3 2015 ► Clay Building Materials Europe Improvement of average prices and consolidation effect compensate slight organic volume decline and costs related to structural adjustments ► Pipes & Pavers Europe Plastic pipes: Solid organic development and significant increase in internati
Slide 5: Clear revenue and earnings increase in Q1-3 2015
Clear revenue and earnings increase in Q1-3 2015 Revenues: Operating EBITDA 1): € 2,283.3 mn € 293.4 mn (Q1-3 2014: € 2,148.4 mn | +6%) (Q1-3 2014: € 248.1 mn | +18%) Neb debt Gross cash flow: € 647.0 mn € 238.1 mn (30/9/2014: € 741.7 mn | -13%) (Q1-3 2014: € 187.9 mn | +27%) 1) Adjusted for non-rec
Slide 6: Slight revenue improvement and nearly stable EBITDA development in Q3
Slight revenue improvement and nearly stable EBITDA development in Q3 ► Revenues: € 808.3 mn (+1%) ► Operating EBITDA: € 112.5 mn (0%) ► Clay Building Materials Europe Continuation of positive momentum in UK, NL, PL, RO, BG and HU results in slight revenue improvement Earnings development negati
Slide 7: Income statement Q1-3 2015
Income statement Q1-3 2015 in € mn 1-9/2014 1-9/2015 Chg. in % Revenues 2,148.4 2,283.3 +6 Operating EBITDA 1) 248.1 293.4 +18 Operating EBITDA margin 11.5% 12.9% Depreciation -158.9 -151.0 +5 Operating EBIT 1) 89.2 142.4 +60 Impairment charges to assets 0.0 -10.2 -100 EBIT 89.2 132.2 +48 1) Adjuste
Slide 8: Income statement Q1-3 2015
Income statement Q1-3 2015 in € mn 1-9/2014 1-9/2015 Chg. in % EBIT 89.2 132.2 +48 Net interest result -40.4 -32.4 +25 Income from investments in associates -1.4 1.6 >100 Other financial results 22.2 -14.2 <-100 Financial results -19.5 -44.9 <-100 Profit before tax 69.7 87.3 +25 Income taxes -13.9 -
Slide 9: Revenue development Q1-3 2015
Revenue development Q1-3 2015 ► Revenue increases 2,400 by 6% Volumes: -1% 2,300 +3% 2,283.3 Average selling price increases by 3% +2% +3% +6% FX-effect: +2% 2,200 in € mn Consolidation effect: +3% 2,148.4 -1% 2,100 2,000 1,900 Revenue Sales Sales FX- Consolidation Revenue Q1-3 2014 volume p
Slide 10: Results Q1-3 2015 by Segment
Results Q1-3 2015 by Segment Revenues: € 2,283.3 mn | +6% Op. EBITDA 1): € 293.4 mn | +18% Clay Building Pipes & Pavers North Holding Materials Europe Europe America & Others +3% +4% +20% +17% +5% +28% -2% -3% +20% >100% 1,000 890 900 800 700 600 in € mn 500 461 400 360 356 300 210 200 128 100 61 57
Slide 11: Cash flow development
Cash flow development in € mn 1-9/2014 1-9/2015 Chg. in € mn Chg. in % Gross cash flow 187.9 238.1 +50.2 +27 Change in working capital 1) -156.8 -161.9 -5.1 -3 Normal capex -77.5 -78.8 -1.3 -2 Divestments and other 20.0 8.8 -11.2 -56 Free cash flow -26.4 6.2 +32.6 >100 Growth capex -35.9 -6.3 +29.6
Slide 12: Total investments of € 85.1 mn
Total investments of € 85.1 mn in € mn 1-9/2014 1-9/2015 Chg. in % Normal capex 77.5 78.8 +2 in % of depreciation and amortization 52% 52% - Growth capex 35.9 6.3 -83 Total investments 113.4 85.1 -25 ► Normal capex includes besides maintenance also investments for technical upgrades in the productio
Slide 13: Development of net debt
Development of net debt 900 800 700 +141.7 647.0 621.5 600 +85.1 500 in € mn +36.9 400 -238.1 300 200 100 0 31/12/2014 Gross cash flow Dividend / Total investments Working capital & 30/9/2015 Hybrid coupon 1) Others 1) Including dividends paid to and other changes in non-controlling interests and di
Slide 14: Strong balance sheet
Strong balance sheet Chg. in % vs. in € mn 30/9/2014 31/12/2014 30/9/2015 31/12/2014 Equity 1) 2,327.9 2,046.8 2,104.0 +3 Net debt 741.7 621.5 647.0 +4 Equity ratio 55% 52% 54% - Gearing 32% 30% 31% - Change in net debt: ► Build-up of Working Capital Q1-3 2015: € 161.9 mn 1) Including non-controllin
Slide 15: Strong liquidity and balanced financing structure
Strong liquidity and balanced financing structure ► Cash 30/9/2015: € 168 mn ► Credit lines: € 400 mn thereof drawn 30/9/2015: € 188 mn thereof undrawn 30/9/2015: € 212 mn ► Term structure: 600 500 400 in € mn 300 Undrawn credit lines 200 Hybrid Drawn Hybrid 100 2007 credit lines 2014 0 2015 201
Slide 16: Treasury ratios
Treasury ratios Treasury ratios 1) 30/9/2014 2) 31/12/2014 2) 30/9/2015 Covenant Nebt debt / Operating EBITDA 2.3 1.9 1.8 <3.50 Operating EBITDA / Interest result 5.2 5.8 8.1 >3.75 1) Calculated on the basis of 12-month operating EBITDA and 12-month interest results 2) Pro-forma calculation, includi
Slide 17: Wienerberger Segments
hh Wienerberger Wienerberger Segments
Slide 18: Clay Building Materials Western Europe Results 1-9/2015
Clay Building Materials Western Europe Results 1-9/2015 CBM Western Europe (in € mn) 1-9/2014 1-9/2015 Chg. in % Ext. revenues Op. EBITDA 1-9/2015 1-9/2015 External revenues 866.8 890.3 +3 Operating EBITDA 1) 122.5 127.7 +4 Operating EBITDA margin 14.1% 14.3% - 39% 44% Operating EBIT 1) 58.1 69.4 +1
Slide 19: Clay Building Materials Eastern Europe Results 1-9/2015
Clay Building Materials Eastern Europe Results 1-9/2015 CBM Eastern Europe (in € mn) 1-9/2014 1-9/2015 Chg. in % Ext. revenues Op. EBITDA 1-9/2015 1-9/2015 External revenues 299.6 360.0 +20 Operating EBITDA 1) 52.4 61.2 +17 Operating EBITDA margin 17.5% 17.0% - Operating EBIT 1) 20.6 24.0 +17 16% 15
Slide 20: Pipes & Pavers Western Europe Results 1-9/2015
Pipes & Pavers Western Europe Results 1-9/2015 P&P Western Europe (in € mn) 1-9/2014 1-9/2015 Chg. in % Ext. revenues Op. EBITDA 1-9/2015 1-9/2015 External revenues 440.0 460.8 +5 Operating EBITDA 1) 44.4 56.9 +28 Operating EBITDA margin 10.1% 12.4% - 19% 20% Operating EBIT 1) 17.5 37.9 >100 1) Adju
Slide 21: Pipes & Pavers Eastern Europe Results 1-9/2015
Pipes & Pavers Eastern Europe Results 1-9/2015 P&P Eastern Europe (in € mn) 1-9/2014 1-9/2015 Chg. in % Ext. revenues Op. EBITDA 1-9/2015 1-9/2015 External revenues 361.6 355.7 -2 Operating EBITDA 1) 36.2 35.0 -3 12% 16% 16 % 11 % Operating EBITDA margin 10.0% 9.8% - Operating EBIT 1) 19.7 19.4 -2 1
Slide 22: North America Results 1-9/2015
North America Results 1-9/2015 North America (in € mn) 1-9/2014 1-9/2015 Chg. in % Ext. revenues Op. EBITDA 1-9/2015 1-9/2015 External revenues 175.7 210.2 +20 9% 9% 9%% 11 Operating EBITDA 1) 7.2 26.7 >100 Operating EBITDA margin 4.1% 12.7% - Operating EBIT 1) -9.4 8.4 >100 1) Adjusted for non-recu
Slide 23: Outlook 2015
hh Wienerberger Outlook 2015
Slide 24: Management forecast: Single- and two-family housing starts 2015
Wienerberger Management forecast: Single- and two-familiy housing starts 2015 Mountain Region Midwest Mid-Atlantic +5% +7% +8% +5% 0% -2% Southeast +3% +1% -2% +10% -7% -5% +4% -7% +7% Market growth (>2%) Stable development Market decline (<-2%) 24
Slide 25: Management forecast: Roof tile renovation market 2015
Wienerberger Management forecast: Roof tile renovation market 2015 ► Market declines in F, GER, AT and CH: Low propensity to invest in renovation measures by private individuals Lack of public incentive programs Postponements of thermal renovation projects due to lower energy prices +3% Publ
Slide 26: Clay Building Materials Europe: Outlook 2015
Clay Building Materials Europe: Outlook 2015 ► Stable to slightly positive environment in European core markets ► Positive market development in UK, NL, RO, BU, HU and PL ► Further market declines in Italy and France ► Residential construction activity below previous year in GER, AT and CH ► Signifi
Slide 27: Pipes & Pavers Europe: Outlook 2015
Pipes & Pavers Europe: Outlook 2015 ► Plastic pipes: Positive development in the Nordic core markets, the Netherlands, Ireland, Poland and Turkey | Earnings improvement in the international project business Costs related to structural adjustments in selected markets expected for Q4 Earnings im
Slide 28: North America: Outlook 2015
North America: Outlook 2015 ► Bricks: Continuation of recovery in new residential construction in the USA with a lower-than- expected impact on our core business with facing bricks Stable development of demand for bricks | Shipments in some core markets negatively affected by heavy rainfalls and
Slide 29: Wienerberger Gruppe: Outlook 2015
Wienerberger Gruppe: Outlook 2015 Op. Group EBITDA before structural adjustments ~ € 375 mn thereof: Real estate sales ~ € 25 mn Costs for structural adjustments up to € 20 mn Price | Costs ~ 2.0% | ~ 1.0% Depreciation ~ € 220 mn Net interest result ~ € 40 mn Working capital ~ 20% Working capital of
Slide 30: Thank you for your attention!
Wienerberger Investor Relations Wienerberger AG, A-1100 Vienna, Wienerberg City, Wienerbergstrasse 11 T +43 1 60192 10221 / F +43 1 60192 10425, investor@wienerberger.com / www.wienerberger.com Thank you for your attention!